Key D-Street Drivers This Week: RBI MPC, Sept F&O Expiry, INR Movement & More

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Key D-Street Drivers This Week: RBI MPC, Sept F&O Expiry, INR Movement & More
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The week ending Sept 23 witnessed high volatility in markets globally amid rising recessionary pressures as the US Fed raised its benchmark interest rate by 75 basis points and announced an ultra-hawkish monetary tightening policy going ahead, reinstating its fight against red-hot inflation.

The past week also witnessed a multi-year jump in the US dollar index and fluctuating oil oil prices, along with escalating geopolitical tensions after Moscow ordered a partial mobilisation of military forces in Ukraine.

Indian equity benchmarks Nifty50 and Sensex fell over 1% last week, continuing a second weekly slide and tumbled almost 2.7% in the past three consecutive sessions.

The Indian rupee tumbled for the eighth consecutive day on Friday, plunging to a lifetime low of 81.23 against the US dollar, breaching the 81-mark for the first time.

Market experts peg the upcoming week to witness volatility and range-bound trade. Rupak De of LKP Securities sees a negative trend, which may take the Nifty50 towards 17,000 over the short term.

Here are some key events in the week ahead which will likely influence trading on Dalal Street.

  • RBI will announce its three-day MPC meet ’s outcome at 10 am on Sept 30, with expectations of a 50 bps rate hike.
  • It will be the expiry week for September F&O contracts, adding volatility to the market.
  • Production data for 8 core sectors, including oil, natural gas , coal, steel and more will be released.
  • Global data like the US GDP figures for the June quarter and Japan’s economic data, among others will be released.
  • The core engineering company Harsha Engineers will debut on the Indian bourses on Monday.

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  • Karthik Veeraraghavan @Karthik Veeraraghavan
    All fall down
    Like 0
  • Lucky Chap @Lucky Chap
    US being hawkish and we are giving it so much importance is stupidity to me we just export 11% to US and India being the cheapest option presently as china is politically struggling will give us benefit in export as well so it's a good news afterall if US Slips into recession we are the one most beneficial to it. You guys need to understand manufacturing process for this. Charts won't help to do that
    Like 22
    • Neeraj Kumar @Neeraj Kumar
      lol.. so you think 2% retailers are enough for your market.. US hawkish means FIIs are hawkish...
      Like 0
    • Neeraj Kumar @Neeraj Kumar
      lol.. so you think 2% retailers are enough for your market.. US hawkish means FIIs are hawkish...
      Like 0
    • Balbir Singh @Balbir Singh
      But I believe now Indian mkt is not totally dependant on FIIs.
      Like 0
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